CMDT vs. ZSC

Last updated Jun 4, 2026

CMDT (PIMCO Commodity Strategy Active Exchange-Traded Fund) and ZSC (USCF Sustainable Commodity Strategy Fund) are both Commodities funds. CMDT is passively managed, while ZSC is actively managed. Over the past year, CMDT returned 35.85% vs 36.39% for ZSC. At a 0.29 correlation, their price movements are largely independent. CMDT charges 0.65%/yr vs 0.59%/yr for ZSC.

Performance

CMDT vs. ZSC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) and USCF Sustainable Commodity Strategy Fund (ZSC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CMDT achieves a 23.96% return, which is significantly higher than ZSC's 9.47% return.

CMDT

• 1D: -0.03%
• 1M: -0.63%
• YTD: 23.96%
• 6M: 24.09%
• 1Y: 35.85%
• 3Y*: 16.90%
• 5Y*: —
• 10Y*: —

ZSC

• 1D: -0.63%
• 1M: 0.21%
• YTD: 9.47%
• 6M: 15.02%
• 1Y: 36.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

CMDT vs. ZSC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	23.96%	12.78%	6.93%	-3.02%
ZSC USCF Sustainable Commodity Strategy Fund	9.47%	28.43%	-14.39%	-10.63%

Correlation

The correlation between CMDT and ZSC is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (All Time) Calculated using the full available price history since Aug 10, 2023	0.29

CMDT vs. ZSC - Sectors Allocation Comparison

Sectors	CMDT	ZSC
Financial Services	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	33.2%
Real Estate	-	-
Technology	-	42.0%
Utilities	-	24.8%

Return for Risk

CMDT vs. ZSC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CMDT

CMDT Risk / Return Rank: 88
CMDT Sharpe Ratio Rank: 87
CMDT Sortino Ratio Rank: 86
CMDT Omega Ratio Rank: 83
CMDT Calmar Ratio Rank: 95
CMDT Martin Ratio Rank: 91

ZSC

ZSC Risk / Return Rank: 84
ZSC Sharpe Ratio Rank: 87
ZSC Sortino Ratio Rank: 83
ZSC Omega Ratio Rank: 87
ZSC Calmar Ratio Rank: 86
ZSC Martin Ratio Rank: 77

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CMDT vs. ZSC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) and USCF Sustainable Commodity Strategy Fund (ZSC). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	CMDT	ZSC	Difference
Sharpe ratio Return per unit of total volatility	2.92	2.88	+0.04
Sortino ratio Return per unit of downside risk	3.92	3.73	+0.20
Omega ratio Gain probability vs. loss probability	1.50	1.54	-0.04
Calmar ratio Return relative to maximum drawdown	8.03	4.76	+3.27
Martin ratio Return relative to average drawdown	22.12	14.69	+7.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CMDT vs. ZSC - Sharpe Ratio Comparison

The current CMDT Sharpe Ratio is 2.92, which is comparable to the ZSC Sharpe Ratio of 2.88. The chart below compares the historical Sharpe Ratios of CMDT and ZSC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CMDT	ZSC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.92	2.88	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	1.32	0.22	+1.11

Drawdowns

CMDT vs. ZSC - Drawdown Comparison

The maximum CMDT drawdown since its inception was -9.69%, smaller than the maximum ZSC drawdown of -26.49%. Use the drawdown chart below to compare losses from any high point for CMDT and ZSC.

Drawdown Indicators

	CMDT	ZSC	Difference
Max Drawdown Largest peak-to-trough decline	-9.69%	-26.49%	+16.80%
Max Drawdown (1Y) Largest decline over 1 year	-4.49%	-7.69%	+3.20%
Max Drawdown (3Y) Largest decline over 3 years	-9.69%	—	—
Current Drawdown Current decline from peak	-2.86%	-2.71%	-0.15%
Average Drawdown Average peak-to-trough decline	-2.69%	-14.74%	+12.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.63%	2.48%	-0.85%

Volatility

CMDT vs. ZSC - Volatility Comparison

PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) has a higher volatility of 4.33% compared to USCF Sustainable Commodity Strategy Fund (ZSC) at 3.19%. This indicates that CMDT's price experiences larger fluctuations and is considered to be riskier than ZSC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CMDT	ZSC	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.33%	3.19%	+1.14%
Volatility (6M) Calculated over the trailing 6-month period	10.30%	9.09%	+1.21%
Volatility (1Y) Calculated over the trailing 1-year period	12.35%	12.70%	-0.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.21%	12.24%	-0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.21%	12.24%	-0.03%

CMDT vs. ZSC - Expense Ratio Comparison

CMDT has a 0.65% expense ratio, which is higher than ZSC's 0.59% expense ratio.

Dividends

CMDT vs. ZSC - Dividend Comparison

CMDT's dividend yield for the trailing twelve months is around 2.44%, more than ZSC's 1.60% yield.

Position	TTM	2025	2024	2023
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	2.44%	3.04%	8.80%	2.71%
ZSC USCF Sustainable Commodity Strategy Fund	1.60%	1.75%	2.18%	1.40%

Frequently Asked Questions

Can I hold both CMDT and ZSC in my portfolio?

CMDT and ZSC have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CMDT or ZSC?

CMDT has higher volatility (4.33%) compared to ZSC (3.19%). In terms of maximum drawdown, CMDT dropped -9.69% vs ZSC's -26.49%.

Which ETF is better, CMDT or ZSC?

On 1-year performance, ZSC leads with 36.39% vs 35.85% for CMDT. On fees, ZSC is cheaper at 0.59% per year. On volatility, ZSC has been the lower-risk option at 3.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CMDT or ZSC?

Over the 1-year period, ZSC has performed better with a 36.39% return vs 35.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CMDT or ZSC?

ZSC is cheaper with a 0.59% expense ratio, compared with 0.65% for CMDT.

Which ETF pays a higher dividend yield, CMDT or ZSC?

CMDT has the higher dividend yield at 2.44%, compared with 1.60% for ZSC.

What is the main difference between CMDT and ZSC?

They also come from different issuers: PIMCO and USCF. Their fees differ too: 0.65% for CMDT and 0.59% for ZSC.

Which has better risk-adjusted returns?

CMDT currently has the higher Sharpe Ratio (2.92 vs 2.88), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.